查看更多>>摘要：As per our predictions last week gold slipped towards the early 290s dollars/oz last week. However, we were amply assisted by Mr. Ernst Welteke, President of Bundesbank (the central bank of Germany), whose statement about Germany's intention to off-load part of its gold resZerves spooked the market. The Bundesbank holds around 3,500mt of gold. The 1999 accord, known as the Washington Agreement caps the total gold sales at 400 mt. per year until 2004 by European Central Banks. The market is extremely cautious and any further addition to the list of Central Banks intending to actively off-load their gold reserves may make the longs extremely nervous. However, let us check out a few facts first before we firm tip our views.
查看更多>>摘要：With no major moves over the last week in the base metals segment7 prices have given up some of their recent gains The upward trend in inventories for most LME metals: this week - particularly for aluminium1 copper and zinc - has added to the negative sentiment. Physical demand for base metals does not appear to be benefiting from the somewhat improved economic climate. This is mainly due to the recovery, which is underway, being more focused on the less metal-intensive service sector; manufacturing in many regions remains weak. Physical premiums are in almost all cases below year ago levels and downstream markets are still characterised by short lead times and weak offtake.
查看更多>>摘要：Balco employees union have moved the Supreme Court in a review petition stating that Sterlite, which had taken 51 percent stake in the company is not adhering to its commitments made to the workers and the Court, at the time of take over. Union wants a review of the judgment of the court It states that Balco has closed it's 3 offices in New Delhi, Dhanbad and Chennai which would result in retrenchment. It was also not taking any action on voluntary retirement as around 1000 employees had already asked for it but management was not taking action on it. Therefore the union wants the Supreme Court to intercede in the take over.
查看更多>>摘要：Indian Lead the largest producer of lead in the private sector is likely to restart in about 2 to 3 months. It has found a strategic investor who is going to put in the money. All the 3 plants, two in Thane and one near Calcutta with a capacity of 32,000 tonnes will be restarted. The management is confident that it would be able to get the required used batteries for running the plants and will not use concentrates as they are costly.
NSTL